Financial Center First Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300GYDLDVRYKJ3N02

Tax ID: 35-0928620

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Financial Center First Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Financial Center First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, New Castle, Kokomo, Lafayette, and Madison among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Center First Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Financial Center First Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	5.44%	11/21/24
30 Year Conventional Refi	6.27%	11/21/24
15 Year Conventional Purchase	6.19%	11/21/24
15 Year Conventional Refi	6.13%	11/21/24
15 Year Cash-out Refi	6.13%	11/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Financial Center First Credit Union Mortgage Calculator

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This is not an official calculator from Financial Center First Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

366

Origination Dollar Volume (All Markets)

$43,580,000

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	352	$42,330,000	$120,256	$511	4.50%
New Castle, IN (FHA\|USDA\|VA)	3	$465,000	$155,000	$756	3.66%
KOKOMO, IN (FHA\|USDA\|VA)	5	$315,000	$63,000	$286	5.47%
LAFAYETTE-WEST LAFAYETTE, IN (FHA\|USDA\|VA)	2	$160,000	$80,000	$343	3.25%
Madison, IN (FHA\|USDA\|VA)	1	$125,000	$125,000	$655	3.75%
COLUMBUS, IN (FHA\|USDA\|VA)	1	$85,000	$85,000	$0	2.99%
TERRE HAUTE, IN (FHA\|USDA\|VA)	1	$75,000	$75,000	$0	2.49%
BLOOMINGTON, IN (FHA\|USDA\|VA)	1	$25,000	$25,000	$0	3.25%

Financial Center First Credit Union's top markets include Indianapolis, New Castle, Kokomo, Lafayette, and Madison among others.

Their top states include:

Indiana (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	366	$43,580,000	$119,071	$504	4.48%

For 2019, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 366 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	290	$33,000,000	$113,793	$435	4.40%
Home Purchase	52	$9,380,000	$180,385	$944	4.70%
Home Improvement	24	$1,200,000	$50,000	$392	4.98%

For 2019, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 290 originations. The 2nd most popular reason was Home Purchase, with 52 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	169	$24,195,000	$143,166	$739	5.01%
10 Year	155	$16,025,000	$103,387	$206	3.54%
Other	18	$1,550,000	$86,111	$905	6.07%
5 Year	16	$400,000	$25,000	$457	5.45%
30 Year	3	$715,000	$238,333	$670	4.42%
3 Year	2	$300,000	$150,000	$0	7.55%
1 Year	2	$260,000	$130,000	$0	7.38%
20 Year	1	$135,000	$135,000	$185	4.50%

For 2019, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 169 originations. The 2nd most popular length was 10 Year, with 155 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	68	$7,700,000	$113,235

Financial Center First Credit Union's average total fees were $670, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 68 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	87	$16,035,000	$184,310
3-4%	62	$8,470,000	$136,613
6-7%	55	$2,565,000	$46,636
<2.5%	54	$4,910,000	$90,926
2.5-3%	50	$5,490,000	$109,800
7-8%	30	$1,700,000	$56,667
5-6%	27	$4,295,000	$159,074
Over 8%	1	$115,000	$115,000

During 2019, Financial Center First Credit Union's average interest rate for loans was 4.42%, while their most frequently originated rate bucket for loans was 4-5%, with 87 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	219	$11,565,000	$52,808	$426	4.76%
$100k-200k	104	$14,670,000	$141,058	$536	3.99%
$200k-400k	30	$8,240,000	$274,667	$850	4.07%
$400k-600k	9	$4,785,000	$531,667	$747	5.03%
$1MM+	2	$2,880,000	$1,440,000	$1,732	4.19%
$600k-1MM	2	$1,440,000	$720,000	$694	4.00%

2019 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 219 originations, totaling $11,565,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	87	$9,555,000	$109,828	$488	4.52%
$50k-75k	87	$6,775,000	$77,874	$492	4.45%
$75k-100k	64	$6,460,000	$100,938	$469	4.41%
$50k or less	60	$4,250,000	$70,833	$589	4.42%
$150k-250k	48	$8,540,000	$177,917	$406	4.08%
$250k+	10	$4,630,000	$463,000	$1,056	4.91%

Financial Center First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 87 originations. The second most popular income band? $50k-75k, with 87 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	82	$8,560,000	$104,390	$427	4.27%
<20%	81	$8,315,000	$102,654	$343	3.50%
30-36%	65	$8,555,000	$131,615	$517	4.50%
50-60%	19	$3,305,000	$173,947	$771	5.26%
42%	12	$1,360,000	$113,333	$568	4.85%
41%	12	$740,000	$61,667	$463	5.60%
44%	9	$845,000	$93,889	$667	4.89%
40%	9	$1,375,000	$152,778	$446	4.81%
39%	9	$875,000	$97,222	$561	4.74%
37%	9	$865,000	$96,111	$535	5.14%
38%	8	$850,000	$106,250	$920	4.77%
36%	8	$620,000	$77,500	$426	5.03%
49%	7	$905,000	$129,286	$462	4.92%
46%	6	$580,000	$96,667	$795	6.04%
47%	5	$255,000	$51,000	$581	6.39%
45%	5	$575,000	$115,000	$629	3.93%
>60%	5	$735,000	$147,000	$610	4.55%
43%	3	$295,000	$98,333	$1,345	4.63%
48%	2	$600,000	$300,000	$1,947	4.00%

Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 82 originations. The next most common DTI ratio? <20%, with 81 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	262	$30,720,000	$117,252	$510	4.49%
Not provided	55	$5,495,000	$99,909	$408	4.11%
Not applicable	10	$3,370,000	$337,000	$0	6.71%
Black	35	$3,125,000	$89,286	$613	4.46%
Asian	4	$870,000	$217,500	$500	3.43%

Approval Rates

Total approvals of all applications
79.20%

Financial Center First Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
72.68%

Financial Center First Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	366	$43,580,000	$119,071

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	366	$43,580,000	$119,071

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	87	$5,705,000	$65,575	$336	4.24%
40-60%	77	$7,835,000	$101,753	$322	3.47%
60-80%	83	$15,025,000	$181,024	$665	4.12%
80-100%	33	$7,745,000	$234,697	$906	4.27%
Under 20%	75	$3,795,000	$50,600	$533	5.96%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
Financial Freedom Mortgage, LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	50.0%
Financial Freedom Mortgage, LLC	VA mortgage	Trouble during payment process	1	50.0%